The UK’s economy is suffering from the “economic Armageddon”, according to a new report from the UK’s biggest credit rating agency.
The UK’s economic outlook for the next six years is “very bleak”, the Standard & Poor’s Global Ratings agency said, adding that the economy has “little prospect of recovery” if it doesn’t “stabilise its macroeconomic situation”.
The agency said the UK economy is facing a “disruptive slowdown” that has left it with a “negative outlook for economic growth”.
The UK economy has a negative outlook for growth, it said.
Credit ratings agency Standard & Poor’s said the country’s economic recovery is in jeopardy as it struggles to recover from the Brexit vote, the slowdown in the UK labour market and the sharp fall in oil prices.
Credit rating agency Standard and Poor’s upgraded the UK to A-plus from A-minus in May, after the government’s announcement of plans to leave the EU.
The agency also said the economy is likely to be hit by “negative economic shocks”.
However, it added that the country has little prospect of economic recovery unless it “stably stabilises its macroeconomy”.
The downgrade comes amid signs of weakness in the economy, with consumer spending falling for the second consecutive month in May.
The government is currently trying to get businesses to pay their workers more.